Online marketplace Notonthehighstreet has raised £21 million from investors including Hubert Burda Media as well as Index Ventures, Industry Ventures and Eight Roads Ventures. The company offers its 5000 independent sellers, most of which are too small to operate and market their own websites, access to thousands of customers and pay 25 per cent commission on the sales generated. The formula offers most sellers a less risky and more expansive route to market than they could hope to access by gearing up to retail their own products or selling on a wholesale basis to other retailers. The business will invest the new funding on technology and marketing as well as expanding its business in the UK and overseas.
Simon Belsham, chief executive said, “Notonthehighstreet was born out of the belief that customers want products that are more thoughtful, unique and personal and that, through technology, we could connect thousands of independent businesses – the makers of these great products – with customers around the world.”
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